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on the fiscal cliff. >> how does it play into fiscal cliff negotiation? >> you would think it gives them a sobering sense of if we do the right thing, maybe the economy keeps growing, if we do the wrong thing, might tip the united states. some think even the possibility of another global recession. you would think it would be a motivation to get things done. if you listen to what's said publicly, see if they're working out a deal privately, there are staff level conversations but most of the big voices dug in. >> you had a fascinating interview with the head of the international monitoring fund, it will air sunday on "state of the union." let me play a clip. what happens in fiscal cliff negotiations in washington could have a huge impact around the world. >> there's still that degree of uncertainty that fuels doubt, that prevents investors, entrepreneurs, households from making decisions because they don't know what tomorrow will be. they know that a fix has been found for today but there is still work to be done tomorrow and day after tomorrow. so it wou
on the fiscal cliff. >> how does it play into fiscal cliff negotiation? >> you would think it gives them a sobering sense of if we do the right thing, maybe the economy keeps growing, if we do the wrong thing, might tip the united states. some think even the possibility of another global recession. you would think it would be a motivation to get things done. if you listen to what's said publicly, see if they're working out a deal privately, there are staff level conversations but...
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we expect add big impact from the fiscal cliff and the labor department said no, we did not but labor participation rate, look at this ugly chart the it is declining. we have the rate drop again in large part because the labor force fell by 350,000. we are watching that carefully because you want to see people work. and try to get jobs. it is critical. >>shepard: what impact did super storm sandy? >>gerri: not so much. however, there were a million people that were working part time rather than full time and that is ascribed to hurricane sandy. normally you do not expect that. >>shepard: the matters went, so what. >>gerri: well, they saw that the 350,000 number and they thought they didn't like that and the market pulled back a little. we have had back-and-forth situation on that, starting off 74 up on the dow and now we are down. >>shepard: better than negative. >>gerri: better than negative. >>shepard: millions of american jobs potentially on the line if lawmakers do not get their act together. house of representatives speaker boehner says there is in progress in talks to avoid the
we expect add big impact from the fiscal cliff and the labor department said no, we did not but labor participation rate, look at this ugly chart the it is declining. we have the rate drop again in large part because the labor force fell by 350,000. we are watching that carefully because you want to see people work. and try to get jobs. it is critical. >>shepard: what impact did super storm sandy? >>gerri: not so much. however, there were a million people that were working part time...
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>> yeah. >> blake, if there is a deal to avoid the so-called fiscal cliff, could these jobs numbers get considerable better? >> i think so, but it's funny. the republicans are in a bit of a box here. their motivation is to say it's not so good. a lot of jobless people out there. we have a real problem. meanwhi meanwhile, we have fiscal cliff negotiations where the president wants stimulus mechanisms including an extension of unemployment insurance. they're like a doctor who diagnosed you with a severe ill sxns won't sign the precipitation to give you the medicine. they emphasize the joblessness problem, and they don't want to give you unemployment insurance and tell that to someone laid off sleeping in their car. >> with these jobs numbers, had hurricane sandy not struck how better would this report have been? >> a lot of this was construction job weakness. clearly, that will rebound. one of the unfortunate upsides of natural disaster is that you do, whether the states or federal governments do it or insurance companies, you have a lot of infrastructure spending as people rebuild from t
>> yeah. >> blake, if there is a deal to avoid the so-called fiscal cliff, could these jobs numbers get considerable better? >> i think so, but it's funny. the republicans are in a bit of a box here. their motivation is to say it's not so good. a lot of jobless people out there. we have a real problem. meanwhi meanwhile, we have fiscal cliff negotiations where the president wants stimulus mechanisms including an extension of unemployment insurance. they're like a doctor who...
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cliff. it's time for the president, if he's serious to come back to us with a counter offer. >> the president told a virginia family on thursday he won't back down on taxing the rich. >> just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. but i do remain optimistic that we can get something done that is good for families like this one. >> the rebels gain on assad raising fears he might use chemical weapons. that was enough to frighten the russians into talking with hillary clinton about a political transition. >> the united states stands with the syrian people in insisting that any transition process re -- result in a unified democratic syria in which all citizens are represented. the future of this kind cannot possibly include assad. >> a tragic turn of events in london. the nurse that first transferred that prank call to duchess catherine is found dead. david axelrod shaves it all off on "morning joe." >> joe scarbor
cliff. it's time for the president, if he's serious to come back to us with a counter offer. >> the president told a virginia family on thursday he won't back down on taxing the rich. >> just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. but i do remain optimistic that we can get something done that is good for families like this one. >> the rebels gain on assad raising fears he might use chemical...
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alisyn: if this pessimism is connected to the fiscal cliff, chris, they could resolve this. the clock is ticking. do you have any sense from inside the beltway of any movement? >> reporter: no, the democrats decide wad they want to do is go over the cliff because they will be in a better position on negotiating. the taxes will already goim and they will feel like they are in a better position to negotiate after that. so they are starting to feel plucky. the problem is as melissa says. the industries are pulling back -- they are dog in resources which sets us up for a dire first quarter of next year as we jump off the cliff. >> we have seen this before. with the debt ceiling debates, sometimes capitol hill and the white house should bring us right up to the edge, the 11th hour and lo and behold they have a deal. >> reporter: she they show up with deals they put together with chicken wire and bubble gum and duct tape and that's about what it's worth. i think the american people expect this. we have had uncertainty after uncertainty. when it gets resolved we don't see the upswi
alisyn: if this pessimism is connected to the fiscal cliff, chris, they could resolve this. the clock is ticking. do you have any sense from inside the beltway of any movement? >> reporter: no, the democrats decide wad they want to do is go over the cliff because they will be in a better position on negotiating. the taxes will already goim and they will feel like they are in a better position to negotiate after that. so they are starting to feel plucky. the problem is as melissa says. the...
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cliff. instead of reforming the tax code and cutting spending the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion-dollar deficits for as far as the eye can see. listen, washington has got a spending problem not a revenue problem. if the president doesn't agree with our proposal i believe that he's got an obligation to families and small businesses to offer a plan of his own, a plan that can pass both chambers of the congress. we are ready and eager to talk to the president about such a plan. >> you did speak with the president earlier this week, can you characterize that call? did he have any kind of counter offer? also, we understand that he is making clear that it's got to be increase in rates for the wealthy or no deal. are you willing to give a little bit maybe not all the way to 39.6? >> the phone call was pleasant, just more of the same. the conversations that the staff had yesterday, just
cliff. instead of reforming the tax code and cutting spending the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion-dollar deficits for as far as the eye can see. listen, washington has got a spending problem not a revenue problem. if the president doesn't agree with our proposal i believe that he's got an obligation to families and small businesses to offer a plan of his own, a plan that can pass...
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i don't think it will affect the fiscal cliff negotiations at all. we may go up to an 8% unemployment rate again. that's what we may do. it was 7.9 in october. it could be 8% in the number out today. >> brian: stewart, we're going to be watching this. we're going to be tossing to you to bring us the numbers as they come in for some instant analysis. so you'll small cast on the "fox business" network and our network. >> 8:30, we get the number this morning. >> brian: then you will change outfits, maybe hair styles and at 9:20 lost varney and company. >> totally different guy at 9:20. >> brian: thanks. have a great weekend. >> thanks. >> brian: i know you don't like to talk to me in the halls. coming up straight ahead, fema workers told to go sightseeing instead of helping sandy victims. that scary story ahead. then he was told he would never walk again. but the man you're about to meet is defying the odds. his motivation? to walk down the aisle. that story, more on that coming your way. i'm doing my own sleep study. advil pm® or tylenol pm. the advil
i don't think it will affect the fiscal cliff negotiations at all. we may go up to an 8% unemployment rate again. that's what we may do. it was 7.9 in october. it could be 8% in the number out today. >> brian: stewart, we're going to be watching this. we're going to be tossing to you to bring us the numbers as they come in for some instant analysis. so you'll small cast on the "fox business" network and our network. >> 8:30, we get the number this morning. >> brian:...
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cliff. in just a few days at the end of the year. in their first discussions yesterday after a week's hiatus we are told there were no signs of progress and even a hardening of positions. in fact, earlier president obama discussed the stalemate with middle-class families. >> for them to be burdened unnecessarily because the democrats and republicans aren't coming together to solve this problem gives you a since of the costs involved in very personal terms. >> he showed what he is really after is assuming unprecedented power to spend taxpayer dollars without any limit at all. >> the major sticking points continue to be how to handle tax rates for wealthy americans, and also, what to do about reducing spending on entitlement programs like social security and medica medicare. >> aide between the president and the speaker of the house met and the talks basically went nowhere. according to one of the president's aide he said higher taxes of course on the wealthy. a deal must include permanent ext
cliff. in just a few days at the end of the year. in their first discussions yesterday after a week's hiatus we are told there were no signs of progress and even a hardening of positions. in fact, earlier president obama discussed the stalemate with middle-class families. >> for them to be burdened unnecessarily because the democrats and republicans aren't coming together to solve this problem gives you a since of the costs involved in very personal terms. >> he showed what he is...
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. >> with no breakthrough today, fiscal cliff negotiations, could this be a starting point? "outfront" republican congressman james lankford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. appreciate you're taking the time. what about this idea of racing taxes on everyone? the math works much better. >> i heard your lead in when you said this is a new idea. actually, it's not a new idea, there are several democrats who have floated that for a while. the code word is we want to go back to the clinton tax rates and talk about the clinton economy that we had a much more vigorous economy and growth and we should go back to the clinton tax rates. what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slow down the economy. it would. there's no question about it. but if the problem is that we have
. >> with no breakthrough today, fiscal cliff negotiations, could this be a starting point? "outfront" republican congressman james lankford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. appreciate you're taking the time. what about this idea of racing taxes on everyone? the math works much better. >> i heard your lead in when you said this is a new idea. actually, it's not a new idea, there are...
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that were there when i was predz. >> with now break through today and the fiscal cliff negotiations, is this a starting point? "outfront" republican congressman james langford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. good to see you, sir. appreciate you taking the time. what about this idea of raising taxes on everyone? the math actually in this case is much more promising. it works much better. >> right. i heard your lead-in on it, and you said this is a new idea floated by howard dean. ints a new idea. several democrats have floated that a while. the code word is going back to the clinton tax rates and talk about the clinton economy and we should go back to the clinton tax rates. what that means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. so it's not new, and no, i don't support that. i don't think that's a great idea at all. it will slow down the economy. >> all right. the truth is when you look at economists' evaluations, it will slow down t
that were there when i was predz. >> with now break through today and the fiscal cliff negotiations, is this a starting point? "outfront" republican congressman james langford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. good to see you, sir. appreciate you taking the time. what about this idea of raising taxes on everyone? the math actually in this case is much more promising. it works much better....
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if republicans and not agree to that, is the administration prepared to go over the fiscal cliff? >> absolutely. there is no room for an agreement that the not involve the rates going up for the top 2%. >> speaking to a roundtable of corporate executives in washington, president obama said republicans' aid to examine the reality that tax rates will rise for the wealthiest americans. >> we have seen some movement in the last several days with some republicans. there has been a recognition that, maybe, they can accept some rate increases as long as is combined with a serious impediment reform and additional spending cuts. and if we can get the leadership on the republican side to take that kramer, to acknowledge that reality, then the numbers are actually not that far apart. another way of putting this is, we could probably solve this in about one week. it is not that tough. >> new details have been revealed in the retail giant kermit factory where 120 dacre workers died in a fire last month. "the new york times" is reporting that wal-mart played a key role in blocking the improveme
if republicans and not agree to that, is the administration prepared to go over the fiscal cliff? >> absolutely. there is no room for an agreement that the not involve the rates going up for the top 2%. >> speaking to a roundtable of corporate executives in washington, president obama said republicans' aid to examine the reality that tax rates will rise for the wealthiest americans. >> we have seen some movement in the last several days with some republicans. there has been a...
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. >> should there be a compromise in order to avoid going over the fiscal cliff? john boehner's already $800 billion in increased tax revenue, not necessarily raising the marginal tax rate on the wealthy, but capping deductions, limiting loopholes, are you with the speaker of the house on that? >> unfortunately, wolf, the policies of president obama have already taken us over the cliff. if you meet with businesses like i do all the time, they've already paired back plans for next year anticipating what's going to happen. we can fix this christmas eve if we want, but we've already hurt the economy and job growth. >> are you with boehner? >> i'm not with boehner. this government doesn't need anymore money. this country needs less government. we're going to have historic levels of revenue to the government this year. >> everyone's taxes are going up at the end of the year if there's no deal. >> we have already offered to extend current tax rates. that's what we should have done six months ago until we could come to some agreement, some compromise on tax reform. >> wh
. >> should there be a compromise in order to avoid going over the fiscal cliff? john boehner's already $800 billion in increased tax revenue, not necessarily raising the marginal tax rate on the wealthy, but capping deductions, limiting loopholes, are you with the speaker of the house on that? >> unfortunately, wolf, the policies of president obama have already taken us over the cliff. if you meet with businesses like i do all the time, they've already paired back plans for next...
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the top senate democrats said they won't consider proposals to saw void the so-called fiscal cliff. not until the gop agrees that tax rates will go up on the wealthiest of americans. they said it from the beginning. president obama visited a family in virginia to layout his case. the white house says it is one of thousands of middle class families facing higher taxes if congress doesn't reach some sort of deal. house speaker insists the republicans will not go along with a higher tax rate for anybody, but an incrowsing number of republicans -- an increasing number of republicans are saying they will have to give in to democrats' demands. you know i read a number of websites that said republicans have waived the white flag on some issues, but not all of them. assuring republicans they don't have to vote for a tax increase. >> and it technically may be correct, but not many are buying this new strategy from the white house since the tax cuts from the middle class and those from the top 2% are both set to expire at the end of the year. the white house says congress really only has to e
the top senate democrats said they won't consider proposals to saw void the so-called fiscal cliff. not until the gop agrees that tax rates will go up on the wealthiest of americans. they said it from the beginning. president obama visited a family in virginia to layout his case. the white house says it is one of thousands of middle class families facing higher taxes if congress doesn't reach some sort of deal. house speaker insists the republicans will not go along with a higher tax rate for...
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i believe we can avoid the fiscal cliff and address our massive deficit but that requires doing three essential things: reforming our tax code, reforming entitlement programs, and better controlling our spending. we can get additional revenue by reforming our tax code. that means closing loopholes and limiting deductions. by closing loopholes and limiting deductions, we can make the tax code -- tax code simpler and fairer to stimulate growth in our economy. markets get the kind of certainty they need to invest, to grow and to hire. it's a growing economy, a growing economic base that creates more jobs and revenue, not higher taxes. the simple fact is, we must make america a great place to do business again. our pro-growth strategies in my home state of north dakota have broadened our economic base and raised revenue without raising taxes. that has resulted in the lowest unemployment rate in the nation. growing personal income and rather than a deficit, a budget surplus. in addition to pro-growth tax reform, we also need to start a fair and thoughtful process to reform entitlement prog
i believe we can avoid the fiscal cliff and address our massive deficit but that requires doing three essential things: reforming our tax code, reforming entitlement programs, and better controlling our spending. we can get additional revenue by reforming our tax code. that means closing loopholes and limiting deductions. by closing loopholes and limiting deductions, we can make the tax code -- tax code simpler and fairer to stimulate growth in our economy. markets get the kind of certainty...
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goes over that fiscal cliff, people in california will pay a ton in extra taxes. california would have the highest earners there would pay almost 52% as their marginal income tax rate. the highest in the country. the only state that would have a calculated rate would be hawaii. three percentage points to the marginal state income tax rate. we will have entrepreneur ethan anderson coming up, maybe tomorrow, to talk about what that does for business. connell: the tax man is for amazon. the irs calling for back taxes after accusing the company of avoiding billions of dollars of taxes in the united states and europe. the accusations, after amazon bought a home in luxembourg and channeled their sales through it in order to create a tax shelter for the american and european governments. the stock by $0.24. dagen: make sure to wash your hands before you check out. according to a new survey, 16% of online holiday shopping is conducted on the pot. from the toilet. in the john. more than 38 million adults admit to shopping with their pants around their ankles. the study did
goes over that fiscal cliff, people in california will pay a ton in extra taxes. california would have the highest earners there would pay almost 52% as their marginal income tax rate. the highest in the country. the only state that would have a calculated rate would be hawaii. three percentage points to the marginal state income tax rate. we will have entrepreneur ethan anderson coming up, maybe tomorrow, to talk about what that does for business. connell: the tax man is for amazon. the irs...
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. >> if is the administration prepared too go over the fiscal cliff. >> absolutely. there is no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthist, remember it's only 2%. >> he did not blink. that is the treasury secretary. do they talk like that? >> it's really unique. this treasury secretary is very loyal to this president, treasury secretaries are, but he is saying essentially that the tax rates going up are essential, that the money is not essential, that the dollar figure is not essential, that the rates going up are essential, and that's just interesting. going over the cliff comes with a lot of -- a lot of things that could affect the economy and the treasury secretary knows that. bill: 10% unemployment. tax rates for everybody going higher. what are you hearing on the house side? among the house republicans, whether or not they are behind the speaker, whether they are pulling away from him, where does that stand do you believe? >> reporter: you know, there are some on the house side that have a lot of concerns ab
. >> if is the administration prepared too go over the fiscal cliff. >> absolutely. there is no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthist, remember it's only 2%. >> he did not blink. that is the treasury secretary. do they talk like that? >> it's really unique. this treasury secretary is very loyal to this president, treasury secretaries are, but he is saying essentially that the tax rates going up are essential,...
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who will blink first on the fiscal cliff? not the obama administration as timothy geithner told cnbc, bring it on. >> is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. >> taxpayers might think that's easy for geithner to say. what about all those middle class families whose tax will go up more than $2,000 if, as geithner suggests, we take a dive off that cliff? even though president obama and john boehner chatted on the phone, there's still no deal. republicans are not amused. >> incredibly, many top democrats, including the president, seem perfectly happy. perfectly happy to go off the cliff. that's why the president has been more interested in campaign rallies than actually negotiating a deal. >> many americans don't have much hope the two side also come up with a deal. they've moved on already to plan b. the retired teacher in utah has put off plans to get a new car. brian chandler,
who will blink first on the fiscal cliff? not the obama administration as timothy geithner told cnbc, bring it on. >> is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. >> taxpayers might think that's easy for geithner to say. what about all those middle class families whose tax will go up more than $2,000 if, as geithner suggests, we...
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cliff marker. >> if the administration, are they prepared to go over the fiscal cliff? >> absolutely. no prospect or agreement that doesn't involve those rates going on on the top 2%. remember, only 2%. >> reporter: that danger? not enough to keep congress in session. it's all right quit for the week. most lawmakers assume correctly there are bit players until there's a deal. that looks more complicated until mr. obama demanded republicans raise the debt ceiling this month without any spending cut strings attached. >> if congress in any way suggests they're going to tie negotiations to debt ceiling votes, and take us to the brink of default once again as part of a budget negotiation, i will not play that game. because we've got to break that habit before it starts. >> reporter: the president sees the fiscal cliff showdown as an opportunity to break that linkage for good. republicans say they will not increase the debt ceiling now $16 trillion and due to expire in february without more deficit reduction. >> history shows the only major deficit cutting deals we ever do ar
cliff marker. >> if the administration, are they prepared to go over the fiscal cliff? >> absolutely. no prospect or agreement that doesn't involve those rates going on on the top 2%. remember, only 2%. >> reporter: that danger? not enough to keep congress in session. it's all right quit for the week. most lawmakers assume correctly there are bit players until there's a deal. that looks more complicated until mr. obama demanded republicans raise the debt ceiling this month...
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. >>> starbucks' ceo howard schultz has some sobering advice to offer on that looming fiscal cliff. he says consequences will be far worse than last year's debt ceiling fight, when the u.s. credit rating was downgraded for the first time ever. if a deal is not reached, he told our poppy harlow, the ripple effect will be felt worldwide. >> this single issue has a seismic effect on the rest of the world, that we have never been as connected and the domino effect of a bad outcome here will have significant negative consequences, domestically and around the world. >>> take a minute to come over to your tv, if you can. penn state has another pr problem on its hands this morning. the university's kai omega sorority is being investigated for stereotyping latinos after a picture showed up on the site tumblr. the photo showed sorority members wearing fake mustaches and dressed in somberos while holding signs that say, "i don't cut grass, i smoke it." the president of the chapter has apologized. is that enough, soledad? >> ladies, as your multi-ethnic friend, let me help you. help me help you
. >>> starbucks' ceo howard schultz has some sobering advice to offer on that looming fiscal cliff. he says consequences will be far worse than last year's debt ceiling fight, when the u.s. credit rating was downgraded for the first time ever. if a deal is not reached, he told our poppy harlow, the ripple effect will be felt worldwide. >> this single issue has a seismic effect on the rest of the world, that we have never been as connected and the domino effect of a bad outcome...
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cliff in january. treasury secretary tim geithner tells cnbc republicans have made a little progress, but the obama administration is "absolutely ready to go over the cliff if the gop doesn't agree to raise tax rates on wealthy americans." apple has lost a bit of its shine. the tech giant stock suffering its worst day in four years on thursday. several factors may have been at play. investors worried apple may be giving up ground in the tablet market to rivals, while nokia beat the company to the punch. there are also unconfirmed reports a stock clearinghouse firm is reducing the margin requirements on apple stock. apple lost $35 billion in market value yesterday. to put that into perspective, there are 417 companies listed on the s&p 500 index that have a market cap below $35 billion, so the jimmer fredet the majority of the s&p is valued at just below what apple lost yesterday. >>> a fairfax county woman will have to remove parts of her negative online review of a home contractor. the ruling was made
cliff in january. treasury secretary tim geithner tells cnbc republicans have made a little progress, but the obama administration is "absolutely ready to go over the cliff if the gop doesn't agree to raise tax rates on wealthy americans." apple has lost a bit of its shine. the tech giant stock suffering its worst day in four years on thursday. several factors may have been at play. investors worried apple may be giving up ground in the tablet market to rivals, while nokia beat the...
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starbucks ceo has sobering advice to offer on the looming fiscal cliff, that the consequences will be far worse than last year's debt ceiling fight when the u.s. credit rating was downgraded for the first time ever. his message to lawmakers, now is not the time to play politics. it's about doing right by the american people. >> i think if people would get in the room and leave their ego behind, and not be so skewed towards the party but be so sensitive to the lens of the american people, we will have an agreement. >> poppy harlow is joining us with more. we've been talking about how this will affect us. schultz says this goes way beyond our boarders. >> it's global. something that stuck with me talking to him about this, the people who need a deal most will be hurt the most. here's why. >> this single issue has a seismic affect on the rest of the world, that we have never been as connected and the domino effect of a bad outcome here will have significant negative consequences, domestically and around the world, not the least of which will be the level -- the fracturing of confidence i
starbucks ceo has sobering advice to offer on the looming fiscal cliff, that the consequences will be far worse than last year's debt ceiling fight when the u.s. credit rating was downgraded for the first time ever. his message to lawmakers, now is not the time to play politics. it's about doing right by the american people. >> i think if people would get in the room and leave their ego behind, and not be so skewed towards the party but be so sensitive to the lens of the american people,...
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and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start taing about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. have a $16.3 trillion debt. all of this talk about raising taxes doesn't get us even close to solving the problem. it doesn't even start the conversation. it is not a drop in the bucket. we've got to reform our spending or grow the economy. but just raising taxes isn't going to do it. >> well, i agree with you 100%. that's why the president as well as the democrats have called for a balanced approach. so of course we can't raise enough taxes to completely deal witthe deficit. and you do have to do reforms. you need to reform the tax system. you certainly need to make additional cuts
and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start taing about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. have...
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president obama saying now a deal to avoid the so-called fiscal cliff could be about a week away. there is just one catch. he says republicans have to accept the, quote: reality as he puts it that tax rates are going up for the richest americans. something g.o.p. leaders are calling a deal breaker. >> we're not insisting on rates just out of spite or out of any kind of partisan bickering. but rather because we need to raise a certain amount of revenue. we can probably solve this. it's not that tough. but we need that conceptual break through that says we need to do a balanced plan. >> we made a good faith offer to avert the fiscal crisis and that offer included significant spending cuts reforms and it included additional revenue. and frankly, it was a balanced approach mr. president has been asking for. now we need a response from the white house. >> they have 27 days to prevent automatic tax hikes and spending cuts from kicking in on new year's day. ed henry live at the white house for us. ed, we are hearing the president and house speaker john boehner actually talked by phone no
president obama saying now a deal to avoid the so-called fiscal cliff could be about a week away. there is just one catch. he says republicans have to accept the, quote: reality as he puts it that tax rates are going up for the richest americans. something g.o.p. leaders are calling a deal breaker. >> we're not insisting on rates just out of spite or out of any kind of partisan bickering. but rather because we need to raise a certain amount of revenue. we can probably solve this. it's not...
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fiscal cliff, beyond the fiscal cliff. let me get to this steve. this is about including the debt ceiling. and what the president said about that in this negotiation today. >> we are not going to play that game next year. >> if congress in any way suggests they will tie negotiation to debt ceiling votes and take us to the brink of default once again, part of a budget negotiation, which by the way we have never done in our history until we did it last year. i will not play that game. because we have to break that habit before it starts. >> bret: what about that? >> well, the president had as many red lines for iran as for house republicans. i think what kirsten said is absolutely remarkable. it is about the scalp. it's about the president having made a campaign argument for the better part of 2012. so that he could run a class warfare campaign. now having to make good on that with the base of his party. the u.s. economy be damned. the republicans offered to give so much and offering precisely what erskine bowles laid out as a compromise position in
fiscal cliff, beyond the fiscal cliff. let me get to this steve. this is about including the debt ceiling. and what the president said about that in this negotiation today. >> we are not going to play that game next year. >> if congress in any way suggests they will tie negotiation to debt ceiling votes and take us to the brink of default once again, part of a budget negotiation, which by the way we have never done in our history until we did it last year. i will not play that game....
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each day toward the fiscal cliff is also another day closer to the country maxing out on its borrowing limit. president obama talked to business leaders today. >> the only thing that the debt ceiling is good for as a weapon is to destroy your credit rating. >> reporter: he's worried republicans may re newsto raise the country's debt ceiling to get their way on spending cuts and risk defaulting on the country's loans. >> that is a bad strategy for america. it's a bad strategy for your businesses. and it is not a game that i will play. >> reporter: republicans are pushing back. >> he's the president, not the emperorer. >> reporter: fiscal cliff negotiations have been at a stand still since monday when republicans proposed raising revenue by closing tax loopholes, not by raising rates on the rich as the president has insisted. >> we're not insisting rates just out of spite, but rather because we need to raise a certain amount of revenue. >> we can't just keep borrowing money, raising taxes, and expecting the problem to go away. >> reporter: house members headed home for a long weekend wit
each day toward the fiscal cliff is also another day closer to the country maxing out on its borrowing limit. president obama talked to business leaders today. >> the only thing that the debt ceiling is good for as a weapon is to destroy your credit rating. >> reporter: he's worried republicans may re newsto raise the country's debt ceiling to get their way on spending cuts and risk defaulting on the country's loans. >> that is a bad strategy for america. it's a bad strategy...
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fiscal cliff as a three-part problem. part one taxes. in the new year, taxes go up on everyone unless washington takes action. the government needs more money. president obama wants to get some of it from the top 2% of wage earners. he wants to raise their tax rate and limit how much they can deduct. the white house says this will bring in $1.6 trillion over ten years. >> that's what the american people have voted for. >> republicans say they'll agree to bring in more money, but not by raising tax rates. in fact, they want to lower tax rates for everyone. instead they'd raise money only by limits deductions and closing loopholes. speaker boehner says this will raise $800 billion over ten years. >> america faces a serious problem. our goal is to make sure it gets solved. >> step two, avoiding the drastic spending cuts that begin on january 1st, the so-called sequester. both sides want to find savings in medicare, but disagree about how to do it. >> we need a responsible white house. we can't sit here and negotiate with our
fiscal cliff as a three-part problem. part one taxes. in the new year, taxes go up on everyone unless washington takes action. the government needs more money. president obama wants to get some of it from the top 2% of wage earners. he wants to raise their tax rate and limit how much they can deduct. the white house says this will bring in $1.6 trillion over ten years. >> that's what the american people have voted for. >> republicans say they'll agree to bring in more money, but not...
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the "news nation" is following where things regard right now with the fiscal cliff and there's hot rhetoric to go around. >> our members believe strongly that raising tax rates will hurt the economy. closing loopholes, especially on those who are wealthy, is a better way to raise this revenue. >> in order for us to raise the amount of revenue that's needed just by closing deductions and loopholes for high earners we'd have to, for example, eliminate or severely cap the char itible deduction. >> an obsession to raise taxes not going to solve the problem. what will solve the problem is doing something about the entitlements, taking on the wasteful spending in washington. >> and meantime, "the new york times" jonathan wiseman reports behind the scene republican leaders are considering the president's plan to extend middle class tax cuts now an address the debt and spending in the new year. here's republican senator tom coburn on "morning joe." >> actually, i would rather see the rates go up than the other way and greater chance to broaden the base in the future. >> do something, a down payment
the "news nation" is following where things regard right now with the fiscal cliff and there's hot rhetoric to go around. >> our members believe strongly that raising tax rates will hurt the economy. closing loopholes, especially on those who are wealthy, is a better way to raise this revenue. >> in order for us to raise the amount of revenue that's needed just by closing deductions and loopholes for high earners we'd have to, for example, eliminate or severely cap the...
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we'll try to listen in a little more to see what he has to say about the fiscal cliff and otherwise. >> entirely on spending cuts, or a variation that has emerged is that we can do so while still lowering rates by closing loopholes and deductions. and you've heard from my team but let me just repeat. we don't have any objection to tax reform, tax simplification. closing loopholes, closing deductions, but there is a bottom line, an amount of revenue that is required in order for us to get a real, meaningful deficit reduction plan that hits the numbers that are required for us to stabilize our debt and deficits. and -- [. [no audio] kwroe. jenna: we gave it our best shot. sometimes we can't do it. the president speaking at the white house at the business roundtable about the economy. fiscal cliff certainly the issue in the short term for a lot of big businesses and certainly for a lot of american taxpayers. however, long term is another story when it comes to the economy, and entitlements, the president referring to that as well. as we continue to get that feedback you can check it out
we'll try to listen in a little more to see what he has to say about the fiscal cliff and otherwise. >> entirely on spending cuts, or a variation that has emerged is that we can do so while still lowering rates by closing loopholes and deductions. and you've heard from my team but let me just repeat. we don't have any objection to tax reform, tax simplification. closing loopholes, closing deductions, but there is a bottom line, an amount of revenue that is required in order for us to get...
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there will be no deal to avert going over the fiscal cliff. >> we're going to have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> reporter: house republicans are adamant, no tax rate increases. >> we're willing to put revenues on the table. revenues that come from closing loopholes, getting rid of special interest deductions and not raising rates. >> reporter: but what the republicans are offering sounds a lot like what the president wanted during last year's budget showdown. >> give us $1.2 trillion in additional revenues, which could be accomplished without hiking tax rates by eliminating loopholes, eliminating some deductions. >> reporter: today, however, the president says those moves will not be enough. and the latest pew poll shows a lot of public pessimism. with 49% of the public saying they do not expect a deal to be struck by the deadline. 40%, a little more optimistic. george? >> sure looks like this will go right to the deadline. jake, thanks very much. >>> george, now, we're going to get the latest on that internet milliona
there will be no deal to avert going over the fiscal cliff. >> we're going to have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> reporter: house republicans are adamant, no tax rate increases. >> we're willing to put revenues on the table. revenues that come from closing loopholes, getting rid of special interest deductions and not raising rates. >> reporter: but what the republicans are offering sounds a lot like what...
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. >> reporter: on his first view sbr interview on the fiscal cliff, he rejected john boehner's proposal. >> unfortunately the speaker's proposal is out of balance. >> reporter: raising taxes on households earning more than $250,000. >> we'll have to see the rates on the top 2% go up. we're not going to be able to get a deal without it. >> reporter: republicans want smaller tax increases overall and no movement on higher income tax rates. they want to cut unnamed tax bre breaks and deductions, which they say will do more to boost economic growth. the white house considers the proposal and economic rationale behind it laughable. >> we don't know what we're talking about in terms of actual legislation to increase revenues. it's magic beans and fairy dust. >> reporter: republicans answered back ba-humbug. >> this is absolutely not serious and the administration knows it. >> reporter: six governors, three from each party, met the president and said acid they believe business leaders in their states won't invest and hire until a deal gets done. >> until this gets resolved in a way that's not
. >> reporter: on his first view sbr interview on the fiscal cliff, he rejected john boehner's proposal. >> unfortunately the speaker's proposal is out of balance. >> reporter: raising taxes on households earning more than $250,000. >> we'll have to see the rates on the top 2% go up. we're not going to be able to get a deal without it. >> reporter: republicans want smaller tax increases overall and no movement on higher income tax rates. they want to cut unnamed...
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but to say with seven working days left and 27 total days until we go off the fiscal cliff, that's an interesting posture to take, so to speak. >> gretchen: some people in negotiations say seven days it a life -- is a lifetime. usually deals happen at the last minute. but be that as it may, the idea -- what he's doing now is he's living up to his campaign promise. one of the reasons he won this reelection, people would say, is because he talked a lot about this. he talked about let's tax the rich. let's have them pay their fair share, even though a lot of people would argue they are paying their fair share. but it appears to have worked. that's why he's stick to go this line of the some people disagree. congressman paul ryan and marco rubio said this. >> an election has come and gone. the people have made their choice. the policy makers still have a duty to choose between ideas that work and those that don't. when one economic policy after another has failed our working families, it's no answer to simply express compassion for them or to create more government programs that offer prom
but to say with seven working days left and 27 total days until we go off the fiscal cliff, that's an interesting posture to take, so to speak. >> gretchen: some people in negotiations say seven days it a life -- is a lifetime. usually deals happen at the last minute. but be that as it may, the idea -- what he's doing now is he's living up to his campaign promise. one of the reasons he won this reelection, people would say, is because he talked a lot about this. he talked about let's tax...
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he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double trigger. if you go over the cliff, we've got the debt ceiling fight right afterwards. it's not like that's six months down the line. that's in if first month, six weeks of the new year. >> the other thing, depending on where you stand, the idea that we just get rid of congressional approval of the debt ceili
he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on...
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but it's also important to remember that the fiscal cliff isn't only tax rates and spending cuts. the fiscal cliff also includes the nation's agriculture policy, which expires at the end of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if they can get past tax rates and spending cuts, then they will be able to deal with the peripheral issues. but we don't have much time. if a deal isn't reached or a framework isn't reached in the next week or, so it's going to be a big problem. >> all right, thanks for that. good to see you. > >>> nokia -- we'll tell you more when we come back in a few moments. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sal
but it's also important to remember that the fiscal cliff isn't only tax rates and spending cuts. the fiscal cliff also includes the nation's agriculture policy, which expires at the end of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if...
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cliff that could raise taxes by year's end. we begin with a report from newshour congressional correspondent kwame holman. >> we're going to have to see the rates on the top two percent go up. we're not going to be able to get a deal without it. >> reporter: in his first interview since the election, president obama rejected a proposal from house speaker john boehner. he spoke on bloomberg television. >> unfortunately the speaker's proposal right now is still out of balance. i'm happy to entertain other ideas that the republicans may present. but we are not going to simply cut our way to prosperity or to cut our way out of this deficit problem that we have. we're going to need more revenues. in order to do that, that starts with higher rates for the folks at the top. >> reporter: the president did say today he would consider lowering rates again for the top two percent next year as part of a broader tax overhaul. the house republican plan envisions $2.2 trillion in deficit reductions over the next decade. $800 billion would com
cliff that could raise taxes by year's end. we begin with a report from newshour congressional correspondent kwame holman. >> we're going to have to see the rates on the top two percent go up. we're not going to be able to get a deal without it. >> reporter: in his first interview since the election, president obama rejected a proposal from house speaker john boehner. he spoke on bloomberg television. >> unfortunately the speaker's proposal right now is still out of balance....
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cliff. the president says the latest republic offer is out of balance because it extends tax cuts on income of above $250,000. g.o.p. leaders claim they can raise revenue without raising rates by closing loopholes and limiting deductions. but the white house says it's about the rates. ed henry is at the white house tonight. the president claims the republic math does not add up. >> that's right, shep. he met with the nation's governors today. he said behind closed doors that there is a lot at stake not just for the national economy but state by state. some of their budgets could take a major hit if, in fact, the nation goes off the so-called fiscal cliff. his spokesman jay carney was even tougher in going after speaker john boehner's latest proposal in saying it simply doesn't add up. >> we don't know who pays. we don't know what we're talking about in terms of actual legislation to increase revenues. it's magic beans and fairy dust. >> the bottom line is the president and speaker boehner ha
cliff. the president says the latest republic offer is out of balance because it extends tax cuts on income of above $250,000. g.o.p. leaders claim they can raise revenue without raising rates by closing loopholes and limiting deductions. but the white house says it's about the rates. ed henry is at the white house tonight. the president claims the republic math does not add up. >> that's right, shep. he met with the nation's governors today. he said behind closed doors that there is a...